• ITR stands for Income Tax Return.
• It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department.
• It also allows carry -forward of loss and claim refund from income tax department.
• Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income.
• These forms can be downloaded from www.incometaxindia.gov.in

Form ITR-1 cannot be filed in the following cases:

• If Income exceeds Rs. 50 lacs
• If Agricultural income exceeds  Rs. 5,000
• If there is any Capital Gain Income
• If there is income from business or profession
• If there is income from more than one house property
• If an  individual is a Director of a company
• If there is any Investment in unlisted equity shares in form of Equity Shares
• If an individual owns assets or has financial interest outside India or is the signing authority of an account located outside India
• If an  individual is a NRI or  not ordinarily resident
• If TDS has been deducted u/s 194N
• If Income Tax is deducted under ESOP